A Single Premium Immediate Annuity (“SPIA”) is a contract between a person or entity and an insurance company. By paying in a lump sum of money the person or entity is guaranteed to receive a series of payments over a period of time. The amount of the payment is determined by both the current interest rate at the time the contract is issued and by choices made from a wide variety of payment options. Once the contract is issued, the annuity payments are fully guaranteed for the period of time the person or entity has chosen.
The person or entity that initially provided payment owns the traditional SPIA. The purchaser at the point of sale may name an alternate owner of the SPIA other than purchaser. In the event the Annuity Issuer cannot make payment the State Life & Health Insurance Guaranty Association steps in and assume the responsibility of the Annuity Issuer.
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